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Question - Please help me solve the following two questions:
1. A company shows the following balances: Sales = $1000000 Sales returns and allowances = 250000 Cost of goods sold = 600000 Operating expenses = 51000. What is the company's profit margin?
2. A company shows the following balances: Sales = $970000 Sales returns and allowances = 220000 Cost of goods sold = 600000 Operating expenses = 79000. What is the gross profit margin?
What procedures can be used to test each control? Every customer must complete an credit application in order to be approved for credit.
Vajen Company issued 5,000 shares of $1 par common stock for $30 per share, providing the company with $150,000 in cash. What effect, in addition to the increase in cash, does this transaction have on the accounting equation for Vajen?
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fomtech inc. had net income of 750000 based on variable costing. beginning and ending inventories were 50000 units and
Novastar Corporation issued 2,000 of its 1,000, 10% ten-year bonds dated July 1, Year 1, at a time when the market paid 9% for bonds of similar risk. Interest is payable annually.
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